Partners and the Flying V

I was drinking in a beautiful spring-like afternoon on Saturday when I heard the unmistakable honk of the Canadian geese. A few more honks and a moment later I saw the big birds flying overhead in their signature V formation. I was struck by this not only because it was the first indication that winter was coming to a close, but also by the way they worked together. Their collaborative approach to long distant flying has a lot in common with the development of life science businesses today.

If you trace any technology from the lab bench to its successful commercial application, you will see many, many people, groups, and organization that came together to make it happen. They also had a common goal and put in a lot of hard work to accomplish this feat.

Looking at the recent news releases in the life sciences you will see plenty of new products, some financial news, as well a number of announcements proclaiming the new relationship between company X and company Y (along with the wonderful expectations of this partnering.) They realized that they can’t fly the whole way alone with the wind in their face, and they needed help for a number of reasons. Of course, all of these new relationships should ultimately lead to increased revenue and profits, but here are some of the specific benefits you can have.

• Speed up the development of your new product by filling the technology gap with your partner’s goods

• Add pieces to the product to make it a more desirable offering, a so-called “complete solution”

• Increase your company’s ability to find the customers who will buy the products

• Improve your operation’s efficiency by bringing in service providers

• Make the marketplace more aware of each other’s products and value

Sure many companies do go it alone, and it is possible to succeed with this approach. However, there is a significant increase in the number of companies that collaborate at various levels, and with the limited access to capital these days, this trend will only continue.

So whether you look to partners to market your products, supply technology, or get your goods to the people with the wallets, it is a good idea to seek some assistance. Granted it is not a free ride and will cost you something, but the rewards should far outweigh the costs. So be like the geese flying together to help each other travel a thousand miles in a week. Try it out – find an ally or two to help you get your company moving towards higher profits and growth.